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Bank

Synovus

102 Inverness Cors, Birmingham, AL 35242

Listing Price: $2,231,000

Cap Rate
4.50%
Tenant Name
Synovus
Years Remaining On Lease
8.5
Guarantor
Corporate Guarantee
Rentable SF
3,091
Lease Type
Ground Lease
Rent Per Square Feet
$32.47

Investment Overview

OUTPARCEL TO GROCERY ANCHORED SHOPPING CENTER • The subject property is a 3,091 SF Synovus Bank that sits as an outparcel at the entrance of a 241,925 SF Winn-Dixie & Kohl’s Shopping Center. • This Synovus is ideally positioned on US-280 (90,161 VPD) with two entry points and is only 2.5 Miles from I-459 (92,685 VPD) • Sits at the heart of a dense retail corridor with 1.8M SF of Retail in a 1-Mile Radius. National tenants include Publix, Target, Walmart, and Lowe’s Home Improvement. • Grandview Medical Center is a 434-bed hospital with 759 employees and is only 3 miles from the property. This Medical Center has acted as a major catalyst to the Highway 280 corridor. MOST AFFLUENT & FASTEST GROWING DEMOS IN ALABAMA • The property is situated less than 10 minutes from Hoover, Meadowbrook, Trussville, Homewood, & Chelsea, each in the top 10 of Alabama’s most affluent suburbs • Hoover & Trussville experienced the most growth in Alabama over the last decade (Top 5) • The 5-mile population is 88,294 with a 5.07% growth and the average household income is $152,350. HOOVER, AL • Hoover is the largest suburb in Alabama located less than 10 miles from Birmingham’s downtown with an estimated population of 212,297. • Birmingham-Hoover houses three international automobile manufacturers: Mercedes-Benz, Honda and Hyundai. • Hoover is home to the Riverchase Galleria, one of the largest shopping centers in the Southeast and one of the largest mixed use centers in the US. • The Hoover School System is among the top five in the state with 16 schools and nearly 14,000 students. 8.5 YEAR GROUND LEASE WITH ANNUAL INCREASES • The subject property has 8.5 years remaining on a 10-year corporate guaranteed ground lease with 1% annual increases in the initial lease and options. • Tenant is 100% responsible for all expenses including taxes, insurance, CAM, Roof & Structure. • There are two 5-year options periods with 1% annual increases. INVESTMENT GRADE TENANT • Synovus is a publicly traded (NYSE:SNV) company with an S&P investment grade credit rating of BBB. • Synovus operates 359 locations throughout the SE of the United States. • Synovus has been in business for over 130 Years and has a net worth of over $56 Billion.

Investment Highlights

  • Outparcel Grocery Anchored Shopping Center
  • Most Affluent & Growing AL Market
  • 5-Mile AVG HHI $152,350
  • Located On US-280 (90,161 VPD)
  • 8.5 Year NNN Ground Lease
  • Investment Grade Tenant

Broker of Record

  • Eddie Greenhalgh

    Senior Vice President Investments

    (205) 510-9200

    License(s) AL: 0000882980

    Alabama

Financing By

Listing Price: $2,231,000

Cap Rate
4.50%
Tenant Name
Synovus
Years Remaining On Lease
8.5
Guarantor
Corporate Guarantee
Rentable SF
3,091
Lease Type
Ground Lease
Rent Per Square Feet
$32.47

Investment Highlights

  • Outparcel Grocery Anchored Shopping Center
  • Most Affluent & Growing AL Market
  • 5-Mile AVG HHI $152,350
  • Located On US-280 (90,161 VPD)
  • 8.5 Year NNN Ground Lease
  • Investment Grade Tenant

Investment Overview

OUTPARCEL TO GROCERY ANCHORED SHOPPING CENTER • The subject property is a 3,091 SF Synovus Bank that sits as an outparcel at the entrance of a 241,925 SF Winn-Dixie & Kohl’s Shopping Center. • This Synovus is ideally positioned on US-280 (90,161 VPD) with two entry points and is only 2.5 Miles from I-459 (92,685 VPD) • Sits at the heart of a dense retail corridor with 1.8M SF of Retail in a 1-Mile Radius. National tenants include Publix, Target, Walmart, and Lowe’s Home Improvement. • Grandview Medical Center is a 434-bed hospital with 759 employees and is only 3 miles from the property. This Medical Center has acted as a major catalyst to the Highway 280 corridor. MOST AFFLUENT & FASTEST GROWING DEMOS IN ALABAMA • The property is situated less than 10 minutes from Hoover, Meadowbrook, Trussville, Homewood, & Chelsea, each in the top 10 of Alabama’s most affluent suburbs • Hoover & Trussville experienced the most growth in Alabama over the last decade (Top 5) • The 5-mile population is 88,294 with a 5.07% growth and the average household income is $152,350. HOOVER, AL • Hoover is the largest suburb in Alabama located less than 10 miles from Birmingham’s downtown with an estimated population of 212,297. • Birmingham-Hoover houses three international automobile manufacturers: Mercedes-Benz, Honda and Hyundai. • Hoover is home to the Riverchase Galleria, one of the largest shopping centers in the Southeast and one of the largest mixed use centers in the US. • The Hoover School System is among the top five in the state with 16 schools and nearly 14,000 students. 8.5 YEAR GROUND LEASE WITH ANNUAL INCREASES • The subject property has 8.5 years remaining on a 10-year corporate guaranteed ground lease with 1% annual increases in the initial lease and options. • Tenant is 100% responsible for all expenses including taxes, insurance, CAM, Roof & Structure. • There are two 5-year options periods with 1% annual increases. INVESTMENT GRADE TENANT • Synovus is a publicly traded (NYSE:SNV) company with an S&P investment grade credit rating of BBB. • Synovus operates 359 locations throughout the SE of the United States. • Synovus has been in business for over 130 Years and has a net worth of over $56 Billion.

Broker of Record

  • Eddie Greenhalgh

    Senior Vice President Investments

    (205) 510-9200

    License(s): AL: 0000882980

    Alabama

Financing By

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